JNK India LimitedCapital Goods & EngineeringJNKINDIA
Q1 FY27 concall · earnings callJNK India Limited
Revenue grew 80.6% year-on-year on the back of a strong project order book, with management maintaining full-year revenue and margin guidance while strategically diversifying into adjacent technology-led EPC segments.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Order Book | ₹1,801 Cr | — | |
| Consolidated Revenue | ₹186 Cr | 80.6% | |
| Consolidated EBITDA | ₹21.9 Cr | 3.1x | |
| Consolidated EBITDA Margin | 11.8% | — | |
| Consolidated PAT | ₹9.6 Cr | 8.5x | |
| Consolidated PAT Margin | 5.2% | — | |
| Standalone EBITDA Margin | 14% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹93.52 Cr— YoY-9.9% QoQ | ₹2.84 Cr— YoY-63.4% QoQ | ₹0.52— YoY-63.4% QoQ |
| Q2 FY25 | ₹103.83 Cr— YoY+18% QoQ | ₹7.75 Cr— YoY+21.5% QoQ | ₹1.42— YoY+6.8% QoQ |
| Q1 FY25 | ₹87.99 Cr— YoY-61.2% QoQ | ₹6.38 Cr— YoY-61.7% QoQ | ₹1.33— YoY-61.3% QoQ |
| Q4 FY24 | ₹226.85 Cr— YoY— QoQ | ₹16.65 Cr— YoY— QoQ | ₹3.44— YoY— QoQ |
TL;DR
- Order book stood at INR 1,801 crores as of June 30, 2026.
- Consolidated revenue grew 80.6% year-on-year to INR 186 crores in Q1.
- Maintains full-year revenue growth guidance of 20-25% and EBITDA margin guidance of 12-14%.
- Opportunity pipeline exceeds INR 6,000 crores, split 50:50 between international and domestic.
- Strategy to diversify, targeting 40% of revenue from non-heating segments over the medium term.
- Joint venture JNK Chemdist contributed 8.8% to group revenue in Q1.
Said on the call
“Our objective is not simply to grow the order book, but to build a sustainable order pipeline with healthy margins, manageable execution requirements and attractive long-term opportunities.”
From the Q&A
| Topic | What management said |
|---|---|
| Diversification Strategy & Revenue Targets | Management aims for 40% of revenue to come from non-heating segments (process plants, metals & minerals, offshore) over the next 3-5 years, targeting a 10-12% hit ratio in these new areas versus 20-25% in heating. |
| Order Pipeline & Hit Rate | The INR 6,000 crore opportunity pipeline is split 50:50 between export (heating) and domestic (non-heating). Management expects a traditional 20-25% hit rate for heating, with orders expected to finalize in FY27. |
| JNK Chemdist JV Performance | The JV contributed 8.8% to group Q1 revenue but reported an operating loss of INR 3.6 crores due to high fixed costs at low scale; management expects it to turn profitable by year-end and contribute 10-15% of JNK India revenue this year. |
| Canceled Export Order | A large export order was canceled due to the EPC contractor failing to secure licensor technical approval; no costs were incurred, and management has since received qualification from the licensor for future projects. |
| Working Capital & Funding | Management believes favorable payment terms and JNK Global's role in providing bank guarantees will help manage working capital for the planned 20-25% growth, with no significant debt fundraising expected in the next 4-6 quarters. |
| New Business TAM & Scope | The addressable market for new segments is estimated at $300-500 million for offshore and $500 million-$1 billion for metals & minerals in India alone; JNK will focus on projects of $30-60 million where larger players are less active. |
Guidance
- Full-year revenue growth guidance of around 20% to 25% remains intact.
- Full-year EBITDA margin guidance of about 12% to 14% is maintained.
- Expects JNK Chemdist JV to contribute 10-15% of JNK India revenue this financial year.
- Anticipates order finalizations from the INR 6,000 crore pipeline during FY27.
- Targets 40% of revenue from non-heating segments over the medium term (3-5 years).
Source
Summary written from the transcript filed by JNK India Limited for the call held on 12 Aug 2026; published 19 Aug 2026, 20:08 IST.
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